Prequalification
vs. Pre-Approval

National Bank Of Kansas City offers both mortgage prequalification and mortgage pre-approval. It's important to understand the difference between the two.

A mortgage prequalification will tell you what price range of a home you can afford. This is helpful, because it allows you to shop for homes that fit within your budget.

A mortgage pre-approval, on the other hand, is a verified prequalification that tells you exactly how much we will provide in financing. In order to receive a pre-approval you will have to complete an application and provide several documents (described below). Once you are approved, National Bank Of Kansas City will issue a pre-approval letter, which will give you an advantage when making an offer on a home.

The Mortgage Pre-Approval Process

In order to obtain a pre-approval letter from Bank Of Kansas City, there are several items we need to look at including your credit score, your income to mortgage payment ratio, your income to debt ratio, and your need for mortgage insurance.

We will need you to provide your pay stubs, W-2s, credit reports, bank statements, and other relevant paperwork. While the process may seem overwhelming, our loan professionals are knowledgeable in home mortgages and will work with you to complete the process efficiently. If you have a co-borrower that is a spouse, they too will need to supply paystubs. A co-borrower that is not a spouse may be asked to provide all of the items above.

Value of a Pre-Approval Letter

A pre-approval letter from National Bank Of Kansas City, lets the seller know you are a serious bidder. The letter proves you can afford the offer and have a lender already behind you. A pre-approval letter tells the agents and sellers that the closing will go smoothly and quickly too.

While a pre-approval letter is not a guarantee that the home will be yours, it is a step in the right direction.